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Mortgage liability query
Bliss77
Posts: 54 Forumite
Hoping a mortgage expert might be able to help me please?
We are stuck in a property chain and have just managed to get our mortgage offer with natwest extended for a month - it was originally due to expire on 23 June but natwest agreed to extend until 23 July.
Our usual solicitor is off sick today so we spoke to another (and very new) conveyancer to see if there was any merit in seeing if the rest of the chai would be prepare to exchange now with a completion date of say 18 July (the Friday before our new offer expires).
He said that the absolute latest we should complete is 10 days before the mortage offer expires as if something went wrong we would be liable unless our offer was still live - he said that we needed the 10 days as per mortgage conditions.
I don't recall reading anything about a ten day cooling off period - our usual solicitor never said this and it seems odd to me that an offer that has an expiry date of 23 really has to happen two weeks before then...
Natwest closed now so could call them (and usual solicitor) tomorrow to see if somebody can explain to us but wonderd if anyone else knew what this is about and can explain it to me in simple terms?
Thank you x
We are stuck in a property chain and have just managed to get our mortgage offer with natwest extended for a month - it was originally due to expire on 23 June but natwest agreed to extend until 23 July.
Our usual solicitor is off sick today so we spoke to another (and very new) conveyancer to see if there was any merit in seeing if the rest of the chai would be prepare to exchange now with a completion date of say 18 July (the Friday before our new offer expires).
He said that the absolute latest we should complete is 10 days before the mortage offer expires as if something went wrong we would be liable unless our offer was still live - he said that we needed the 10 days as per mortgage conditions.
I don't recall reading anything about a ten day cooling off period - our usual solicitor never said this and it seems odd to me that an offer that has an expiry date of 23 really has to happen two weeks before then...
Natwest closed now so could call them (and usual solicitor) tomorrow to see if somebody can explain to us but wonderd if anyone else knew what this is about and can explain it to me in simple terms?
Thank you x
0
Comments
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Your solicitor needs to be in a position to exchange and for the lender to have approved drawdown of funds. With no margin of error you could miss the deadline.0
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